CA Foundation Exam > CA Foundation Questions > Which of the following is Void Contract?a)Agr...
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Which of the following is Void Contract?
- a)Agreement the meaning of which is certain
- b)Agreement with unlawful consideration
- c)Agreements with minor
- d)Agreement with inadequate consideration, if inadequate consideration, if inadequacy is not supported by free consent
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is Void Contract?a)Agreement the meaning of whi...
Every agreement of which the object or consideration is unlawful is void. Agreement without consideration, void, unless it is in writing and registered or is a promise to compensate for something done or is a promise to pay a debt barred by limitation law. This is a contract.
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Which of the following is Void Contract?a)Agreement the meaning of whi...
Void Contract:
A void contract is a contract that is not enforceable by law. It is essentially as though the contract never existed in the first place. One of the reasons for a contract to be considered void is when it involves unlawful consideration.
Unlawful Consideration:
When the subject matter of the contract or the consideration involved in the agreement is illegal, the contract is deemed void. This could include agreements to commit a crime, agreements that are against public policy, or agreements that involve fraudulent activities.
Examples of Unlawful Consideration:
- Contract for the sale of illegal drugs
- Contract to commit a crime
- Contract that goes against public policy
Consequences of a Void Contract:
When a contract is deemed void due to unlawful consideration, neither party can enforce the terms of the agreement. The courts will not uphold the contract, and any obligations or promises made within the contract are not legally binding.
Legal Ramifications:
Engaging in contracts with unlawful consideration can lead to legal consequences for the parties involved. It is important for individuals and businesses to ensure that their contracts are legally valid to avoid potential issues in the future.
In conclusion, an agreement with unlawful consideration is considered a void contract as it goes against the principles of legality and public policy. It is essential to create contracts that are legally enforceable to protect the interests of all parties involved.
A void contract is a contract that is not enforceable by law. It is essentially as though the contract never existed in the first place. One of the reasons for a contract to be considered void is when it involves unlawful consideration.
Unlawful Consideration:
When the subject matter of the contract or the consideration involved in the agreement is illegal, the contract is deemed void. This could include agreements to commit a crime, agreements that are against public policy, or agreements that involve fraudulent activities.
Examples of Unlawful Consideration:
- Contract for the sale of illegal drugs
- Contract to commit a crime
- Contract that goes against public policy
Consequences of a Void Contract:
When a contract is deemed void due to unlawful consideration, neither party can enforce the terms of the agreement. The courts will not uphold the contract, and any obligations or promises made within the contract are not legally binding.
Legal Ramifications:
Engaging in contracts with unlawful consideration can lead to legal consequences for the parties involved. It is important for individuals and businesses to ensure that their contracts are legally valid to avoid potential issues in the future.
In conclusion, an agreement with unlawful consideration is considered a void contract as it goes against the principles of legality and public policy. It is essential to create contracts that are legally enforceable to protect the interests of all parties involved.
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Which of the following is Void Contract?a)Agreement the meaning of which is certainb)Agreement with unlawful considerationc)Agreements with minord)Agreement with inadequate consideration, if inadequate consideration, if inadequacy is not supported by free consentCorrect answer is option 'B'. Can you explain this answer?
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